WASHINGTON (AP) — Stephen Miran, President Donald Trump’s pick to join the Federal Reserve board, said Thursday that he would remain a White House employee even if the Senate confirms him to fill an unexpired term at the central bank.

Miran, who was nominated to fill a gubernatorial term set to expire in January, made the disclosure at a hearing before the Senate Banking, Housing and Urban Affairs Committee.

He said that on the advice of his lawyers he would take an “unpaid leave of absence” as chair of the White House Council of Economic Advisers. Miran later said he would only resign from the Republican administration if he were nominated for a longer term at the Fed.

His answer instantly triggered alarm bells about the Fed’s independence, suggesting that the central bank could ultima

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